It is ________ for a corn producer in a perfectly competitive corn industry to make excess profits because entry into the corn industry is free.
A) expected
B) very easy
C) likely
D) difficult

Question

Quizplus · Accepted Answer

In a perfectly competitive market, free entry and exit of firms ensure that excess profits are eroded in the long run as new firms enter the market, increasing supply and reducing prices until only normal profits are made.

It Is ________ for a Corn Producer in a Perfectly